DA Davidson trims eXp World Holdings price target to $10.25 amid agent count decline
eXp World Holdings reported solid Q1 operational execution and narrowed losses, but DA Davidson cites a continuing drop in total agent numbers as a key factor in the revised valuation.
DA Davidson maintained its Buy rating on eXp World Holdings (NASDAQ: AGNT) on 13 May 2026, while lowering its price target from $11.00 to $10.25. The analyst firm cited the company’s solid operational execution during the first quarter of 2026, noting that management navigated a weak housing market and uncertain macroeconomic conditions effectively.
Despite the downward revision to the valuation, the firm highlighted improved profitability metrics in the latest earnings report. eXp World Holdings recorded a gross profit of $75.3 million and narrowed its operating loss to $8.8 million, a 15 per cent improvement from the $10.4 million loss reported in the same period the previous year. Adjusted EBITDA reached $4.1 million, exceeding the midpoint of the company’s guidance range of $2 million to $5 million.
Chief Financial Officer Jesse Hill attributed the stronger financial performance to increased agent productivity, noting that more agents reached their cap during the quarter. The company also strengthened its balance sheet, increasing its cash position by 6 per cent year-on-year to $122 million. Hill reported that the North America Realty segment generated $965.1 million in revenue and delivered $10 million in adjusted EBITDA, while the international segment posted 27 per cent growth, remaining the firm’s fastest-growing business.
However, DA Davidson pointed to a structural headwind in its assessment, noting a decline in the total agent count compared to the fourth quarter of 2025. Checks conducted by the firm suggested that this downward trend in agent numbers has largely continued into the second quarter of 2026, presenting a challenge to the brokerage’s long-term growth trajectory.
The company recently changed its ticker symbol to AGNT, a move described by Founder, Chairman, and CEO Glenn Sanford as more than a cosmetic change. eXp World Holdings, the holding company for eXp Realty and SUCCESS Enterprises, operates an independent real estate brokerage with more than 82,000 agents across 29 countries, offering commission splits and equity ownership opportunities to its network.
